Issue tokens on nostr itself. There is not much of a need of a public blockchain for 98% of tokens. Just let the issuer provide a permissioned blockchain.

Ethereum is attractive because it forces all participants to agree on a standard but 98% of these tokens would work better if instead of storing the contract's ID, users would have to store the issuer's API address. Wallets could still know which API to talk to for which token and work seamlessly if the API was standardized.